Foiled Again!

Posted at 6:31 AM, May. 21, 2009

Of course it was too good to be true.  Apparently, despite the announcement issued from HUD on May 12, 2009. the incentive that would allow first-time home buyers to monetize the tax credit of $8,000 towards a down payment has been retracted. 

According to officials, the incentive resembles the now illegal seller assistance with down payments on FHA loans.  The IRS also has stated it's concerns on the implications to future tax returns.

We've been told there is efforts being put forth to come up with a solution that will shorten the gap in the bridge between buyers and loans.  Let's hope so.